Step Up to the Challenge: Navigating COVID Recovery

In the current climate of uncertainty, it’s only natural to want to recede into a cave where you can hole up until things get rolling again. For banks and credit unions, however, the problem with a hide-and-watch approach right now is that you’re missing out on a prime opportunity to strengthen relationships with existing customers as well as lay the foundation for attracting new ones. Here at Avannis, we’ve learned a few things recently that highlight the need for financial institutions to step out and embrace the challenge of leading the way to and through COVID recovery.

What We’ve Learned

Right now, the banks and credit unions asking customers and members about their concerns over COVID-19 are learning some interesting things. People are dining out and driving less and have canceled spring and summer vacations. Major purchases are being put off and loan payments are late or being paid partially. Some people are unsure whether they’ll have jobs when the dust settles and others are wondering if they’ll be able to retire on schedule.

That information may not be too surprising, but what really got our attention was that 84 percent of the COVID-related surveys that Avannis recently administered have come back as sales opportunities. The majority of customers who responded were interested in the financial institution contacting them to talk about available services. That’s an amazingly huge amount compared to the sales opportunities traditional surveys tend to reveal. What’s more, 47 percent of the responses came back as action items. Those responses provide institutions with an opportunity to be a hero for customers by contacting them and offering a solution to a previously unresolved issue. If you’re interested in doing your own COVID-19 study, you can register for a free 20-minute webinar Avannis is hosting on May 12, 2020.

Using Feedback to Build Relationships and Loyalty

Even before life as we knew it was turned on its head, marketing was making a shift to service. Instead of ads and marketing materials filled with price points and comparisons to the competition, businesses have been cultivating a culture where the customer is king. It’s not enough to simply have the right attitude, though. When you ask customers for feedback and you respond to it, they feel heard, and that’s something that is invaluable right now. In a world where people feel helpless about pretty much every aspect of their lives, the simple act of letting them know you see them and hear them and care makes an immeasurable impact that will last much longer than the current crisis.

We’ll Help You Step Up to the Challenge

If you’ve wondered if contacting customers during a crisis is effective, we can assure you that it is. From what we’ve seen, the numbers show that customers really want to hear from their banks and credit unions right now. They want to know that you care and that they’re being heard. They want to know you can help them, whether it’s with a product or service your institution provides or through resolving an issue.

It’s a challenge, to be sure, but Avannis can help you step up to that challenge. Our customizable surveys are designed to pinpoint what customers are thinking right now and what they need. The suite of online tools we provide comes with our extensive experience interpreting and cataloging the data you collect, so you can provide just what each individual is looking for. Find out how Avannis’s customer impact research can help you and your customers navigate COVID recovery by registering for our free 20-minute webinar on May 12—or contact us today to learn more now.